Byju's Restrained from Selling Aakash Stake
April 8, 2024, 9:37 pm
Location: India
Employees: 5001-10000
Founded date: 1988
Total raised: $28.96M
An emergency arbitrator has directed edtech giant Byju's to refrain from selling a 6% stake in its subsidiary Aakash Education Services Limited due to a breach of loan terms with MEMG Family Office. The arbitration proceedings were initiated in March to protect the rights of the lender, who had provided a loan of around ₹350 crore to Byju's. The order, issued on April 4, aims to maintain the status quo and preserve the value of both companies involved. Byju's, facing financial challenges post-pandemic, is in discussions to resolve the issue in the best interest of all parties.